(Related to Checkpeint 5.6) (Solving for 1 ) Kirk Van Houten, who has been manied for 22 years, woud like to buy his wife an expersive damard ning weth a platirum serting on their 90-year whoding arniversary. Assume that the cost of the ring will be $12,500 in 8 years. Kirk currently has $4,404 to irvest. What anrual rate of raturn must Kirk eam on hs investment to accumulase enough money to pay for the hivg? The anrias rate of retum Kink munt earr on his ifvestment to accumadate enough morky to pay for the ning is 5 . (Rourd to two decimal places )